Epstein Secrets

anagement LLC) FROM: Charles T. Dowling Elizabeth A. Kubanik RE: Leon Black Estate Planning This memorandum summarizes our high-level thoughts on Leon Black's estate planning based upon the information and documents that have been provided to us and our discussions with you. As a general matter, we have b

questions or comments you may have on the topics discussed in this memorandum or any other aspect of Leon's estate planning. C.T.D. E.A.K. cc: Leon D. Black Alan S. Halperin (Paul, Weiss, Riflcind, Wharton & Garrison LLP) -14- EFTA00591806

harles T. Dowling Elizabeth A. Kubanik RE: Leon Black Estate Planning This memorandum summarizes our h

available under the Tax Receivable Agreement ("TRA"). b. Self-Dealing Rules We considered application of the self-dealing rules to an exchange of Apollo Operating Group ("AOG") units for Apollo Class A stock after Leon's death when BFP is controlled by the CLATs, and whether an exchange between BFP and APO Corp. wo

ed with Apollo. Summary: GSCO 1099s issued under LEON BLACK IMY-AP PROFESSIONAL HOLDINGS LP were reported tw

th Apollo. Summary: GSCO 1099s issued under LEON BLACK IMY-AP PROFESSIONAL HOLDINGS LP were reported tw

2 amended return On Mar 28, 2014, at 4:04 PM, "Richard Joslin" wrote: See screenshot below that shows BRH ownership of AP Professionals which owns Apollo Operating Group. BRH Holdings LP has a 98- prefix (a foreign partnership). Foreign partnerships are assigned EIN's with a 98 prefix http://www.irs.gov/irm/part21/i

ed with Apollo. Summary: GSCO 1099s issued under LEON BLACK IMY-AP PROFESSIONAL HOLDINGS LP were reported tw

th Apollo. Summary: GSCO 1099s issued under LEON BLACK IMY-AP PROFESSIONAL HOLDINGS LP were reported tw

2 amended return On Mar 28, 2014, at 4:04 PM, "Richard Joslin" wrote: See screenshot below that shows BRH ownership of AP Professionals which owns Apollo Operating Group. BRH Holdings LP has a 98- prefix (a foreign partnership). Foreign partnerships are assigned EIN's with a 98 prefix http://www.irs.gov/iml/part21/i

eployed more than $13 billion, which we believe demonstrates the power of Apollo's integrated global platform amid a volatile market backdrop," said Leon Black, Chairman and Chief Executive Officer of Apollo. "In addition, since we do not believe the current share price of Apollo reflects the strength of ou

tform amid a volatile market backdrop," said Leon Black, Chairman and Chief Executive Officer of Apollo.

ncome tax provision (50,283) (1514) (9,092) (6.59 I ) (5,536) (147,245) (26,733) Net income attributable to Non-Controlling Interests in the Apollo Operating Group Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' (54,632) (8,926) (48,012) (2,560) (83

d with Apollo. Summary: GSCO 1099s issued under LEON BLACK IMY-AP PROFESSIONAL HOLDINGS LP were reported tw

h Apollo. Summary: GSCO 1099s issued under LEON BLACK IMY-AP PROFESSIONAL HOLDINGS LP were reported tw

ended return On Mar 28, 2014, at 4:04 PM, "Richard Joslin" O> wrote: See screenshot below that shows BRH ownership of AP Professionals which owns Apollo Operating Group. BRH Holdings LP has a 98- prefix (a foreign partnership). Foreign partnerships are assigned EIN's with a 98 prefix http://www.irs.goviirm/partniir

tners, LP ("BFP" or the "Partnership") as of December 4, 2013 (the "Valuation Date"). It is our understanding that this report will be used by Mr. Leon Black for estate planning purposes. This report is an Appraisal Report as defined in Standards Rule 10 of The Appraisal Foundation's Uniform Standards

limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership")

Holdings(Apollo Operating Osaupi Ants Opening Group teas Od 12.1531.51.374 (1751261.3M) f2060,400,000 710% Tax ROCeivank AgmennI (TRAllItnent Apollo Operating Group eras. 0.3 so S211.060.003 $211.0603400 7.9% TRA Dle1dre4. AC/ 2007 TlantaCOOn G.5 50 399.030.00) 399.000.000 3.7% Mau* ilsiteous Neertsts

Consultants, LLC CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP SuPPOR I PRO EXHIBIT CAPIT

32.341.922) 344300300 3.0% Mdenrium Group USA F-I through F-3 520.471.030 0519,030) 519,552.000 1.3% 0101 1104dings (Apollo Operating Growl Apollo Operating Group ants C-I $1.562,170,675 (5552.170,675) 31.010.000.000 87.115 RhOMFAtha ADtheTITIM (TIEN Bonen :ar Ccs:.vny CT Cu G.3 36 S110.0:0.000 $110,0